Business, 25.04.2020 00:26 goldie2715
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $62,600 and $1,100, respectively. During Year 2, Kincaid reported $148,000 of credit sales, wrote off $1,150 of receivables as uncollectible, and collected cash from receivables amounting to $154,500. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.
The amount of uncollectible accounts expense recognized in the Year 2 income statement will be:
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On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts...
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